Growth Fund

5/1/2017 The Fund is available for purchase only by existing defined contribution and defined benefit plans, existing shareholders, and clients of registered investment advisers and registered representatives trading through intermediary programs/platforms on which the Fund is already available.

Y shares are only available to certain institutional investors. Please click here for other share classes.

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the following tab labeled “Performance”.

Portfolio Management

Total Fund Assets (as of 7/31/2018):

Lipper Category:

Morningstar Category:

Strategy Highlights

Takes a long-term private equity-oriented approach by partnering with management who think and act like owners

Seeks to invest in high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value

Risk is defined as a permanent loss of capital, not tracking error or short-term relative underperformance

Investment Strategy

The fund will invest primarily in equity securities, including common stocks, convertible securities and warrants

Employs a growth style of equity management that emphasizes companies with sustainable competitive advantages, secular long-term cash flow growth returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders

Aims to invest in companies when they trade at a significant discount to our estimate of intrinsic value

Will consider selling a portfolio investment when the portfolio manager believes an unfavorable structural change occurs within a given business or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects intrinsic value, or for other investment reasons which the portfolio manager deems appropriate

About Risk

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Foreign and emerging market securitiesmay be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Investments in small and mid-size companies can be more volatile than those of larger companies.

Growth stocks may be more sensitive to market conditions than other equities as their prices strongly reflect future expectations.

Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.

1As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses once the expense cap of the fund has been exceeded. This arrangement is set to expire on 1/31/19. Transfer Agent Fee waivers for Class N are contractual and are set to expire 1/31/19. When an expense cap has not been exceeded, the fund may have similar expense ratios.

The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and forecasted growth values. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.

Gross Expense Ratio: (N) 0.58%, (Y) 0.66%; Net Expense Ratio: (N) 0.58%, (Y) 0.66% As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses once the expense cap of the fund has been exceeded. This arrangement is set to expire on 1/31/19. Transfer Agent Fee waivers for Class N are contractual and are set to expire 1/31/19. When an expense cap has not been exceeded, the fund may have similar expense ratios.

Lipper Ranking as of 7/31/2018

Class N

Class Y

1 Year

628/690

629/690

3 Years

73/596

88/596

5 Years

109/549

112/549

10 Years

N/A

235/405

Lipper Category: Large-Cap Growth Funds

Morningstar Ranking as of 7/31/2018

Class N

Class Y

1 Year

1203/1449

1210/1449

3 Years

142/1265

162/1265

5 Years

174/1137

178/1137

10 Years

N/A

430/821

Morningstar Category: Large Growth

Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.

P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Active share indicates the proportion of the portfolio’s holdings (by market value) that are different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.

P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Active share indicates the proportion of the portfolio’s holdings (by market value) that are different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.

Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a or a , if available, containing this and other information on this website. Read it carefully.